Govt seeks three-month extension on price freeze
The Internal Trade Department has asked for cooperation from manfucturers to maintain the price of goods for another three months to ensure the success of its policy to curb the country's inflation rate to less than 4.5 per cent this year.
The Commerce Ministry launched price-control measures last June as it foresaw high inflation spurred mainly by skyrocketing oil prices. The ministry asked manufacturers to freeze retail prices until July this year. The ministry strategy is to keep the country's inflation below 4.5 per cent. To achieve this goal, the ministry will meet with leading consumer goods manufacturers soon to extend the control price measure programme, a source from the ministry said yesterday. However, some manufacturers have indirectly adjusted retail prices already by reducing the size of their packaging. Many had to undertake this strategy to offset rising costs from high oil prices. Manufacturers earlier petitioned the ministry, asking for retail price increases but they were rebuffed. Only carbonated-drink manufacturers were permitted to increase their retail prices because of higher sugar costs. The inflation rate grew to May of 6.2 per cent compared to May 2005, but fell to 5.9 per cent last month. Petchanet Pratruangkrai, The Nation
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